In a report shared this week, Google revealed that quantum computers could theoretically obtain a bitcoin private key in just nine minutes. This development concerns many areas, not only for Bitcoin but also for other tokens such as Ethereum and the banking sector.
Main differences of quantum computer
Quantum computers have a completely different operating logic than classical computers. In normal computers, information is stored with physical keys called “bits”, which can be either 0 or 1, while in quantum computers, operations are carried out with completely different units called “qubits”. Qubits can be in both 0 and 1 positions at the same time. In quantum computers of the type used by Google, this feature is achieved by making a very small metal ring superconducting at extreme cold.
Thus, when electrical resistance becomes zero, no-load current can flow simultaneously clockwise and counterclockwise, beyond classical physics. This creates a unique physical environment that can hold the two states together, giving the computer an extraordinary computational advantage.
While in the classical computer 2 bits can exist in only four different states and one of them can be chosen; 2 qubits can represent four states simultaneously. With each added qubit, the number of possible states doubles. For example, 10 qubits can process 1,024 situations, and 50 qubits can process quadrillions of possibilities simultaneously.
Effects of quantum on cryptocurrency security
One of the most striking effects of quantum computers is the possibility of bypassing the encryption methods that form the basis of today’s digital security in a short time. Security in Bitcoin is based on the fact that the private key can be easily converted into a public key, but the opposite is almost impossible. With classical computers, this inversion is assumed to take longer than the lifetime of the universe.
Quantum computers, on the other hand, can theoretically reduce the decryption process to a few minutes, as they can try all possible key combinations at the same time and highlight the correct answers by calculating the probability. This has the potential to undermine the fundamental security of cryptocurrency ownership and transfers.
Google’s report stated that if the Shor algorithm is implemented on a quantum computer, cryptography systems, which are vital for the Bitcoin network, can be solved with much less resources than expected and even faster than confirmation times.
According to Google’s statement, the potential of the quantum computer they are currently using to bypass blockchain encryption indicates a much closer threat than previously thought.
This situation raises the risk that millions of Bitcoins that have already been traded on the network may become unprotected. Concerns about the issue are rapidly increasing in the cryptocurrency community.
